Novo Foundation
- Assets
- $719.3m
- Revenue
- $373.9m
- Investments
- $542.5m
- Employees
- 0
- Location
- Hurley, NY
- Founding
- 11/1999
- Data as of
- 12/2023
- EIN
- 47-0824753
Organization Overview
Novo Foundation is located in Hurley, NY. The organization was established in 1999. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Novo Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Novo Foundation generated $373.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $174.1m during the year ending 12/2023. While expenses have increased by 7.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Novo Foundation has awarded 8,937 individual grants totaling $3,612,011,441. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
HUDSON VALLEY FARM HUB: COSTS ASSOCIATED WITH PROFESSIONAL FARMER TRAINING, THE HOSTING AND SUPPORTING OF AGRICULTURAL RESEARCH, THE DEMONSTRATION OF NEW FARM TECHNOLOGIES, AND EDUCATIONAL RESOURCES FOR ADVANCES IN FOOD AND FARMING.
SAWKILL CENTER FOR SUSTAINABLE FOOD SYSTEMS (MILESTONE MILL): EXPENSES RELATED TO THE DEVELOPMENT OF A FOOD MILL DESIGNED TO CRAFT AND DISTRIBUTE HIGH QUALITY WHEAT, RYE, AND CORN PRODUCTS, AS WELL AS BEANS FOR COMMUNITY USE, AS A DEMONSTRATION PROJECT TO SUPPORT AN EQUITABLE, ECOLOGICALLY RESILIENT LOCAL FOOD SYSTEM IN THE HUDSON VALLEY.
CROP SHOP HUDSON VALLEY: EXPENSES RELATED TO THE DEVELOPMENT OF A VEGETABLE FOOD PROCESSOR THAT WILL SERVICE LOCAL COMMUNITY FARMS, SCHOOLS, SMALL BUSINESSES, AND OTHER COMMUNITY INSTITUTIONS. THE CROP SHOP IS DEMONSTRATING THE VIABILITY OF A SUSTAINABLE, ECONOMICAL SOLUTION FOR FARMERS WHO NEED TO PACKAGE THEIR GOODS PROFITABLY AND INSTITUTIONS WHO NEED TO PURCHASE THEM AFFORDABLY, ALL IN FURTHERANCE OF DEVELOPING EQUITABLE AND ECOLOGICALLY RESILIENT FOOD SYSTEMS TO SUPPORT THE LOCAL HUDSON VALLEY ECONOMY.
NOVO IN KINGSTON: NOVO IN KINGSTON IS A BRANCH OF THE NOVO FOUNDATION, RESPONSIBLE FOR STEWARDING THE FOUNDATION'S LOCAL SPECIAL PROJECTS IN KINGSTON, N.Y.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Buffett Co-President | 30 | $1 | |
Peter Buffett Co-President | 40 | $1 | |
Aaron Stern Secretary | 2 | $0 | |
Kimberly Mclain Chief Financial Officer | 40 | $354,184 | |
Brooke Pickering-Cole Exec Dir, Farm Hub | 40 | $265,225 | |
Sangeeta Budhiraja Vice President | 40 | $354,793 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
R Bradley Construction | 12/30/23 | $2,834,325 |
Pc Construction Company | 12/30/23 | $2,074,334 |
The Ken Bratney Co | 12/30/23 | $1,043,741 |
The Tides Foundation | 12/30/23 | $2,082,139 |
Dutton Architecture Pllc | 12/30/23 | $1,000,791 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $356,063,646 |
| Interest on Savings | $10,310,851 |
| Dividends & Interest | $6,193,579 |
| Net Rental Income | $44,407 |
| Net Gain on Sale of Assets | $863,213 |
| Capital Gain Net Income | $356,858,035 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | -$81,020 |
| Other Income | $504,389 |
| Total Revenue | $373,899,065 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,007,269 |
| Other employee salaries and wages | $9,543,676 |
| Pension plans, employee benefits | $5,886,031 |
| Interest | $5,930 |
| Taxes | $6,168,082 |
| Depreciation | $3,695,378 |
| Occupancy | $554,350 |
| Travel, conferences, and meetings | $369,558 |
| Printing and publications | $0 |
| Other expenses | $3,872,356 |
| Total operating and administrative expenses | $39,748,632 |
| Contributions, gifts, grants paid | $134,303,210 |
| Total expenses and disbursements | $174,051,842 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,821 |
| Savings and temporary cash investments | $119,499,924 |
| Net Accounts receivable | $105,239 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $944,355 |
| Prepaid expenses and deferred charges | $969,419 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $50,937,786 |
| Other assets | $4,349,755 |
| Total assets | $719,322,289 |
| Accounts payable and accrued expenses | $4,879,058 |
| Grants payable | $153,216,430 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $1,034,141 |
| Total liabilities | $159,129,629 |
Grants Awarded
Over the last fiscal year, Novo Foundation has awarded $327,129,400 in support to 819 organizations.
| Grant Recipient | Amount |
|---|---|
'AHA PUNANA LEO PURPOSE: GENERAL SUPPORT | $250,000 |
ADAPTIVE DESIGN HV INC PURPOSE: GENERAL SUPPORT | $100,000 |
AHA ATTITUDE HARMONY ACHIEVEMENT PURPOSE: GENERAL SUPPORT | $400,000 |
ALLIANCE FOR A JUST SOCIETY PURPOSE: PROJECT SUPPORT: NATIVE ORGANIZERS ALLIANCE | $100,000 |
ALLIANCE FOR TRIBAL CLEAN ENERGY INC PURPOSE: PROJECT SUPPORT: INDIGENOUS ENERGY INITIATIVE | $100,000 |
AMERICAN INDIAN COMMUNITY HOUSE INC PURPOSE: GENERAL SUPPORT | $100,000 |